Without adequate knowledge of Forex trading, it is an uphill task to see appreciable gains. When you know about the right trading approach and can identify the right moment of entry or exit, it is easier to earn money. But this is not that easy to achieve.
Luckily, you can use the Forex robot systems available now provided you know which is the best. Reading the reviews of the best Forex robots can help. Here is a review of the FX Scalper X Forex robot. The review will help you gain important information related to the expert advisor. FX Scalper X system has earned $100 to $150k during the pandemic season which is no mean feat. Let us see more about the system, the claims of the vendor, and its performance.
FX Scalper X: Characteristics
As an automated trading software, this system is designed to grow your profits over time. Our first impression of the official site of this robot is that it is very minimalistic in design. The vendor provides the bare minimum details that a trader would need for deciding on using the system. A major part of the site is taken up by the verified trading results and backtests. We could find only a meager amount of info related to the features, recommendations, and strategy.
The vendor does not reveal the developer or the team behind the system. We could not find details on the location of the company. With no phone contact and just the online contact form for support, we find the system lacks the reliability that traders look for in a Forex robot. Since users shell out a considerable amount of money, it is important that the vendor be transparent regarding the company location and support offered.
Currency Pairs, Strategy & Timeframe
Although the vendor does not reveal the trading approach used, there is mention of the system not using Martingale, Grid, and Hedging. Four main currency pairs are focused on by the system and it uses the one-minute timeframe. We would like the vendor to disclose more details on the trading approach used.
FX Scalper X Trading Performance
Backtests are provided for different currency pairs tested on Dukascopy with a modeling quality of 99.9%. A screenshot of a strategy tester report on the GBPUSD pair on a one-minute timeframe is provided here:
From the backtesting results, we find the system has attained a profit factor of 1.82 for an initial deposit of $100 and with a total number of 1812 trades. The maximal drawdown is 13.47% for the backtesting done over 12 months.
Several live account trading results verified on the myfxbook site are provided by the vendor. Here is a screenshot of the real live USD account by the system:
From the trading stats, we could see the total profit from deposits of $2,850 is 32.75% and the absolute gain is 32.78%. A drawdown of 14.91% is seen for a total of 2417 trades executed from January 2021 up to April 2021. The profit factor for the account is 1.72 and the lot size used is 0.01. Comparing the backtests and live trading results we find the drawdown and profit factor are similar.
How Much Does It Cost?
The pricing of this system is dependent on the subscription package you choose. For the unlimited license, the vendor charges $277. There are three months, six months, and one-year licenses available at $117, $157, and $197 respectively. We could not find any mention of a money back guarantee which makes us suspicious of the reliability of the system. The cost of the system is expensive compared to the competitor robots in the market.
Reviews From Customers
There are no user reviews for this system on reputed sites such as Forexpeacearmy, Trustpilot, etc. We look for reviews on such third-party sites as they are unbiased and give a true insight into the system’s performance and support.
Should You Use FX Scalper X Robot?
After we analyzed the system, we have found several pros and cons for this system. We have shown them in the table below:
|Fully automated system||Vendor transparency is not present|
|Verified trading results||The strategy used is not disclosed|
|Low drawdown||Price is expensive|
|No user reviews|
Summing up our review of the FX Scalper X Forex robot, the system provides verified trading results that reveal the potential of the system. With a low drawdown, good profit factor, and profit percentage, this expert advisor can provide decent profits. The system however has a few shortcomings. These include the lack of vendor transparency and not revealing the strategy used. The system may be more reliable if the vendor rectifies these downsides.